The Global Federation of Insurance Associations (GFIA) has terminated the membership of the All-Russian Insurance Association (ARIA).
According to the trade body, which represents insurers that account for 89% of premiums worldwide, the move reflects its condemnation of the Russian government’s military actions against Ukraine.
“One of GFIA’s purposes is to contribute to international dialogue on issues of common interest through formalising contact, cooperation, and dialogue among national and regional insurance associations,” stated GFIA, whose secretariat is based in Brussels.
“GFIA’s members wish to express their complete solidarity with the Ukrainian people who are demonstrating incredible strength and bravery in the face of unimaginable adversity. Insurers around the world are taking the necessary actions to comply with the sanctions that have resulted from the invasion, and many are also taking solidarity initiatives to support the Ukrainian people.”
Earlier this year, Insurance Europe also terminated ARIA’s membership.